Head of Capital

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this. At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

You will support the activities of Munich Re Specialty - Global Markets specifically MRSL and MRSG managing the Capital Team and the operation, uses and development of the Internal Model (IM). You will maintain the code, documentation and parameterisation, and support the IM validation process. The Head of Capital will provide actuarial input into key business processes including business planning, reinsurance strategy and wider risk & capital processes.

In this role you will be the first point of contact for Capital, maintaining strong relationships with the Chair of the R&CC, Risk, Reserving, Underwriting, Reinsurance, Business Planning and Finance.

• Lead the Capital Team providing oversight, leadership and management across capital and the capital elements of validation. To include resource and work planning and staff training & development;
• Communicate regularly with the key stakeholders at MRSL and Munich Re Group, including the INED Chair of R&CC, the CRO, the CEO, and Munich Re IRM, setting out Capital’s position and achieving understanding and buy in. Other key relationships that should be maintained and strengthened include with Underwriting & Underwriting Strategy, Exposure Management, Reinsurance, Risk Management, Reserving, Pricing and Finance;
• Maintain, run, develop and parameterise the actuarial elements of the IM. Produce required reporting information, liaise with Underwriting, Claims, Reinsurance, Pricing and Reserving, explaining outputs, purpose and inputs needed for the IM and getting buy in to the finally selected model inputs;
• Produce information needed for model uses including: SCR, ORSA, PRA information, AoC, SBF, LCM, 1 in 30 AEPs, reserve ranges, risk distributions, reinsurance cost allocation, AFR information etc. This information should be to agreed time schedules (5 days in advance for R&CC, 3 days in advance for R&CC SG, and 3 days in advance for internal Actuarial review);
• Maintain model documentation, model change log and all relevant model outputs;
• Participate fully in R&CC, R&CC SG and RISG, and attend one of CALM or LMAG;
• If resourcing increases, take ownership of and responsibility for the UVM, and expand its use to include other GSI entities, liaising with the key stakeholders including Mike Kerner;
• Peer review the best estimate reserves at least annually, to ensure reasonableness and consistency with IM assumptions;

• Lloyd’s capital processes and requirements
• Capital modelling experience with at least three years in a senior position
• Tyche experience
• Experience in managing three or more staff
• Experience of interacting with, and presenting to Board members
• University Degree and/or relevant professional qualification

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion: At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs.

Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed. All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

25 days Annual Leave + bank holidays

10% Non-contributory Pension

Eligibility for an Annual Bonus

Private Medical + Dental Insurance

Critical illness insurance + Life Assurance + Permanent Health Insurance

Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)

Electric Vehicle Salary Sacrifice Scheme

Study & continuing Professional Development Support